Allied Bank has announced the launch of PayPak card

Allied Bank has announced the launch of PayPak card — a locally switched card with no dependency on any international gateway.

PayPak cards are to be operated by 1Link and are duly approved by State Bank of Pakistan.

It won’t be out of place to mention that International Cards (such as Visa or MasterCard) are operated by foreign operators and they charge a fee (very nominal one though) for transactions done through these cards.

Allied Bank’s PayPak cards can be used anywhere with-in Pakistan with 1Link and MNet network for ATM transactions. Moreover, customers with PayPak cards will also be able do any retail/purchase transactions anywhere within Pakistan.

PayPak cards, however, won’t work outside Pakistan.

Allied Bank said that its issuing PayPak cards in two categories with different limits. Basic card will come with a daily cash limit of Rs. 25,000 while regular card will come with a daily cash limit of Rs. 50,000.

Transactions Offered through PayPak Card:

Shop at Point-of-Sale (POS) displaying PayPak sign

Cash withdrawal through ATM displaying 1Link & MNET signs

Utility Bill Payment (through ATM)

Fund Transfer (through ATM)

Balance Inquiry (through ATM)

Mini Statement (through ATM)

Cheque Book request (through ATM)

PayPak cards currently won’t work on internet, however, with time they will be allowed to be used for usage on internet (for online shopping etc.).

Recomended Posts

KARACHI: Five former senior officials of National Bank of Pakistan (NBP) and two corporate chiefs are in the crosshairs of the National Accountability Bureau (NAB) for allegedly engaging in a fraud to the tune of Rs10.4 billion. The accused include Azgard Nine Ltd CEO Abid Humayun Shaikh and CFO Abid Amin. The company is a […]

Over the past two and a half decades, bank loans to creditworthy private businesses and individuals as a ratio of GDP have been shrinking. This has prompted two central bank researchers to revaluate the worth of both financial market reforms as well as state-directed bank lending in the light of private ownership of the banking […]

KARACHI: Reserves of the State Bank of Pakistan (SBP) decreased by $3.9bn between October and July 21 despite commercial borrowing of more than $4.4 billion in 2016-17. Currency experts said pressure is mounting on the exchange rate as reserves fall. Dealers in the interbank market said the dollar rate, after reversing from Rs108 to Rs105.40, […]

ISLAMABAD – Pakistan’s total tax revenue witnessed gradual increase from 10.6 percent of Grand Domestic Product (GDP) in 2000 to 12.6 percent of GDP in 2016. According to a report released by Asian Development Bank (ADB), Pakistan’s tax revenue in 2005 was 10.1 percent during 2010, while it declined to 9.8 percent in 2013; however, […]